Credit Card Stamp Duty

C

Chris

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I've read the posts here about the way that credit card stamp duty is supposedly handled since the 1st of April, but I'm wondering has anybody actually suceeded in switching cards and not paying a second lot of stamp duty?
 
Chris,

Just to clairfy. Since 1 April if you close your card you still have to pay the €40 stamp duty when you close it. The point is that if you get a new credit card, you will not have to pay stamp duty on the new one on 1 April 2006, as you will have already paid for 2005-2006. Stamp duty should not be payable until 1 April 2007.
 
Thanks moneyhoney,
one question is left though: If I open a new credit card account and have my existing credit transferred to the new one, I would essentially have two accounts open at the same time, even if it is a very short space of time. Would I be caught for stamp duty?
 
You notify your new CC company that you want a balance transfer which they will look after so effectively you will not have 2 accounts open. On the other hand if you open another account and then close the previous one, yes you would in effect have 2 accounts so you probably are liable to get charged twice.
 
So, let me get this straight... The only way to succeed in avoiding the second lot of stamp duty is to close one account as another opens, even taking into account the usual long delays the banks have in setting up accounts?

Sounds to me like Cowen's measure is just a red herring - the number of people who were aware of the way his plan worked must be very few indeed. I asked my bank about this before April and was told to leave it, that I should cancel after the year had run its course. And yet when I tried to cancel early in April, I was told the year had begun anew and I was already charged €40 for the past year, and would be penalised €40 for the forthcoming one should I cancel (because it was at that stage a week into it.) Not alone that, but what of the second card I had set up to transfer to in late March? You guessed it - €40 on that as well...

Any other country in the world will allow for the ownership of bank cards without a government tax. For our current bunch of fools to think this is progressive beggars believe. This tax took in €60m last year alone! Something I'll certainly not be forgetting come next election time...
 
I got my credit card statement today showing the €40 charge I have a ulster bank visa, I understood that if you spent more than 5k in the year they would pay the €40, i tried to contact head office but the card is in hubbys name so they would not discuss it, anyone else get charged after spending more than 5k
 
ok need to get a credit card with 0% interest, so was thinking of applying for the ulster bank card, i want to keep my pigsback card, and want to use the ulster bank card to clear this and pay it back at 0%my question is can i keep my existing card (which i have paid stamp duty on) and get the 2nd and use it for 9 months and then get rid of it, with no additional stamp duty?

thanks
j
 
CCOVICH said:
2 cards in operation at the same time = 2 €40 stamp duty I believe.
Click to expand...
Just to be pedantic I believe it's two accounts and not necessarily two cards (which could operate off the one account) that triggers the double liability.
 
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